The Federal Tax Authority (FTA) published the Cabinet Decision No. (100) of 2024 (Decision), which amends the Executive Regulations of Federal Decree-Law No. (8) of 2017, effective from 15 November 2024.
The FTA has released the Arabic version of the Decision, and the English version is expected to be published soon.
What’s New?
The key amendments based on the preliminary information available are as follows:
- VAT exemptions for management of investment funds.
- VAT exemptions for the transfer of digital assets and cryptocurrencies, retroactively effective from 1 January 2018.
- Additional requirement to be eligible for zero-rating export services.
- Clarification on VAT treatment for single composite supplies.
These amendments could significantly affect business operations, particularly in sectors related to investment funds, digital assets, and export services. Further analysis will be provided in our upcoming articles.
Next Steps
- Monitor for Updates: Keep an eye out for the release of the English version of the amended regulations from the FTA.
- Assess Impact: Conduct a thorough analysis of how the changes may affect your business operations, particularly in relation to investment funds, digital assets, and export services.
- Implement Changes: Identify and implement necessary adjustments to ensure compliance with the updated regulations.
Stay tuned to our detailed alerts on this topic.
How can we help?
Re/think provides tax and HR advisory, optimization, registration, implementation, compliance, and training services in UAE.
We designed our Corporate Taxation services to suit high-growth firms and their specific business needs at each stage of advisory, implementation, subsequent tax compliance, and management.
With our team of tax and HR advisors, finance experts, and tax accountants, we can provide you with a bundle of services, ensuring the implementation is cost-effective.
Authors
Who we are
Re/think is an award-winning regional multi-service business advisory and outsourced services firm providing accounting, regulatory and compliance, tax and VAT advisory, audit, HR consultancy and recruitment services to regulated firms, multi- and single-family offices, and other operating businesses.
Established in the UAE in 2013, the firm has 80 staff across three offices in Dubai and Abu Dhabi providing clients with timely, proactive and customized business solutions – from set-up and early development to the latest stages of a business lifecycle.
